Ex-Im-Guarantee Helps Small Business Export Forklifts to Brazil
Wiggins Lift Co. Inc., a manufacturer in Oxnard, Calif., is exporting its forklifts to marinas in Brazil with the support of medium-term buyer financing from Northstar Trade Finance Inc. in Vancouver, British Columbia and guaranteed by the Export-Import Bank of the United States.
Northstar is providing $1.4 million in medium-term loans backed by Ex-Im to finance the export of Wiggins Lift’s forklifts to three Brazilian customers. The exports sales are helping to sustain around 30 jobs at the company.
“Ex-Im’s guarantee facilitated competitive financing from Northstar for these marinas in Brazil and enabled them to purchase our forklifts,” said Michele McDowell, Wiggins Lift’s CEO. “These sales are helping us continue to grow, add employees and contribute to the U.S. economy.”
Ex-Im’s Medium Term Delegated Authority (MTDA) program enables the lender to make a commitment based on a set of defined parameters if it agrees to share risk. The applications are made through Ex-Im’s online system and transactions are authorized by the lender.
“We at Northstar are pleased to support Wiggins Lift in these exports to Brazil,” said Northstar’s Craig MacKenzie, managing director, North America. “Ex-Im’s Medium-Term Delegated Authority Program is a powerful tool that enables American exporters to offer their customers a complete sales solution and to compete more effectively against their foreign competitors who offer financing.”
MacKenzie also noted that the delegated authority program enables Northstar to significantly “speed up” the credit decision and approval process to a few days, which enables exporters to offer financing to their customers in a timely way.
Wiggins Lift Co. Inc. designs and manufactures custom heavy-lifting equipment for applications in the marine, mining, military, agriculture and other industries. Wiggins Lift was founded in the 1950s in Oxnard, Calif., where it currently employs over 50 workers. The woman-owned company is led by the founder’s granddaughter.